Business Fundamentals
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Questions and Answers

Which of the following is a description of a business model?

  • Aspects of a product or service that makes it more appealing to target customers
  • A profit-seeking organization that provides goods and services
  • The money that a company brings in through the sale of goods and services
  • A description of how the business intends to generate revenue (correct)

What is the definition of competitive advantage?

  • Aspects of a product or service that makes it more appealing to target customers (correct)
  • A profit-seeking organization that provides goods and services
  • A description of how the business intends to generate revenue
  • The money that a company brings in through the sale of goods and services

Which type of organization provides goods and services without seeking to make a profit?

  • Nonprofit organizations (correct)
  • Firm
  • Service businesses
  • Goods-producing businesses

What does the term 'geographic reach' refer to?

<p>The extent to which a business operates locally, regionally, nationally, or internationally (B)</p> Signup and view all the answers

Which type of ownership typically has several owners?

<p>Partnerships (D)</p> Signup and view all the answers

Which type of organization seeks to make a profit?

<p>Public corporations (A)</p> Signup and view all the answers

What is the purpose of a business model?

<p>To generate revenue (D)</p> Signup and view all the answers

What is the definition of competitive advantage?

<p>The aspects of a product or service that makes it more appealing to target customers (D)</p> Signup and view all the answers

What type of ownership has one owner?

<p>Sole proprietorships (D)</p> Signup and view all the answers

What does the term 'geographic reach' refer to?

<p>The extent to which a business operates locally, regionally, nationally, or internationally (D)</p> Signup and view all the answers

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